Legumex Walker buys two seed processors in US
Canadian food processing company Legumex Walker has acquired two seed processors in the US. The first acquisition includes Minnesota-based St. Hilaire Seed Company - a leading dry bean processor in the US. Legumex paid $12m in cash and stock for 100% business of the company.
The second acquisition includes sunflower seed processing assets previously owned by Anderson Seed Company for $4.8m. The assets include a processing facility in Mentor, Minnesota, which has a production capacity of approximately 40,000 metric tons per year.
The receiving stations have a combined storage capacity of 13,000 metric tons.
Legumex has formed a new division - Legumex Walker Sunflower, - which will commence sunflower seed processing after the facilities acquired from Anderson Seed are transitioned and staffed. The company expects to employ approximately 25 employees to operate its new division.
According to the company, the two acquisitions significantly strengthen its position in the North American special crop industry with an increased focus on dry beans and dehulled sunflower seeds.
The company expects the acquisitions to be immediately accretive to earnings per share, excluding synergies.
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